The House of Fraser flagship store on Oxford St is set to permanently close, in another blow to the capital’s shopping district.
Frasers Group said it had been served notice by the landlord to close the site, after an application for planning permission to redevelop the site was given the green light.
A spokesperson for Mike Ashley’s retail group said: “Since acquiring in 2018, despite challenges faced, we have worked collaboratively with the landlord to keep the store trading three years longer than what was initially proposed by the previous owner.”
The firm called for an urgent review of the “archaic” business rates, which it said were “astonishingly outdated.”
Without a rates review, further store closures are “inevitable,” the group warned.
The 318 Oxford St store will close in January 2022 to make way for a £100m investment.
The revamp will see the building’s upper floors converted into office space and a top floor restaurant with 360 degree views.
Public Properties Establishment was given permission for the development by Westminster City Council’s planning committee earlier this month.